Respected Experts ,
I have 2 Quarries :
Query 1. If a person transfers (via NEFT) around 6 Lac to his wife account for purchasing of a property & both are Income Tax Assessee then How entries will be reflected in:
a) Balance Sheets of both Husband & Wife
b) Tally entries of both Husband & Wife
c) Whether it will be considered as Gift?
If Yes, then they did not make gift deed, will plain paper with signature of both will be suffice?
d) And, Is it mandatory to show as Gift, Can't a husband can transfer amount to his wife account?
Query 2. If a Person give Gift of around 2 Lac to his brother via A/c Payee Cheque, & both are Income Tax Assessee then How entries will be reflected in:
a) Balance Sheets of both Guys
b) Tally entries of both Guys
Regards Deep
I have 2 Quarries :
Query 1. If a person transfers (via NEFT) around 6 Lac to his wife account for purchasing of a property & both are Income Tax Assessee then How entries will be reflected in:
a) Balance Sheets of both Husband & Wife
b) Tally entries of both Husband & Wife
c) Whether it will be considered as Gift?
If Yes, then they did not make gift deed, will plain paper with signature of both will be suffice?
d) And, Is it mandatory to show as Gift, Can't a husband can transfer amount to his wife account?
Query 2. If a Person give Gift of around 2 Lac to his brother via A/c Payee Cheque, & both are Income Tax Assessee then How entries will be reflected in:
a) Balance Sheets of both Guys
b) Tally entries of both Guys
Regards Deep
CAclubindia
